Silver prices in Vadodara remained under sharp pressure on Friday, January 31, tracking the steep correction seen across global and domestic bullion markets. The precious metal witnessed one of its most volatile sessions in recent decades as heavy selling followed an extraordinary rally over the past few months.
As per the latest available data, the silver rate in Vadodara today stands at Rs 3,500 per 10 grams, Rs 35,000 per 100 grams, and Rs 3,50,000 per kilogram. These levels reflect the sharp single-day decline recorded after the recent selloff in international and domestic markets.
The weakness in Vadodara silver prices followed a steep fall in futures trading. On the domestic futures market, silver March 5 contracts slumped to Rs 2,91,922 per kg, down Rs 1,07,971 or nearly 27% in a single session. At the same time, gold February 5 futures settled sharply lower at Rs 1,49,075 per 10 grams, declining by Rs 20,328 or about 12%.
International markets also witnessed heavy selling pressure. COMEX gold fell by $591 to close at $4,763 per ounce, while COMEX silver dropped by nearly $36, slipping below the $79 per ounce mark. The global rout in precious metals quickly spilled over into domestic pricing, impacting bullion rates in Vadodara.
Market participants attributed the sharp fall to a violent correction after an extraordinary rally, as gold and silver prices had surged aggressively in recent months, pushing technical indicators deep into overbought territory. The sudden reversal triggered widespread profit booking and forced unwinding of speculative positions, leading to heightened volatility.
Silver prices in Vadodara continue to be influenced by global spot prices, currency movements, import duties, and local demand, and traders expect volatility to remain elevated in the near term.
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